When is the Cutoff Date for Classifying Property as Marital Property?

If you are currently separated from your spouse and planning on a divorce, or if you are considering the possibility of separation and divorce in the Tampa area, it is essential to understand how your assets and liabilities will be distributed between the two of you. Under Florida law, all marital property — which includes assets and debts — is divided between spouses who divorce according to Florida’s rules of equitable distribution. Florida defines equitable distribution a bit differently than other equitable distribution states do. Under Florida’s equitable distribution rules, there is a presumption of an equal split of marital assets and liabilities “unless there is a justification for an unequal distribution based on all relevant factors,” which are then set out in the Florida Statutes.

To be clear, all marital property will be divided, but nonmarital (or separate) property will not be distributed between the spouses. How do courts determine which property is marital and which is separate? In general, all property acquired after the date of the marriage is marital property, but there are exceptions for couples who have separated and then acquired new assets or liabilities.

Cut-Off Date for Determining Marital Assets and Liabilities 

Generally speaking, under Florida law, all assets or debts that either spouse acquires after the date of marriage will be considered marital property and will be divided according to Florida’s rules of equitable distribution. However, under the Florida Statutes, there is a cut-off date for classifying property as “marital” after a couple has officially separated.

The Florida Statutes clarify that the “cut-off date for determining assets and liabilities to be identified or classified as marital assets and liabilities is the earliest of the date the parties enter into a valid separation agreement, such other date as may be expressly established by such agreement, or the date of the filing of a petition for dissolution of marriage.”

In other words, either of the following represents a “cut-off date” such that any new assets or liabilities acquired by either spouse will be classified as nonmarital (or separate) property rather than marital property:

• Date of valid separation agreement;
• Date of agreement that subsequently acquired assets and debts will be separate property; or
• Date of filing of a petition for dissolution of marriage (i.e., petition for divorce).

Otherwise, without one of the above, there is a presumption that all assets and debts acquired by either spouse after the date of marriage are marital property. That presumption may be overcome, but it is essential to discuss the specific details of your case with a divorce lawyer, especially if you have particular concerns about classifying certain assets as nonmarital property following your separation from your spouse.

Contact a Tampa Divorce Attorney for Assistance 

The proper classification of marital and separate property is extremely important in Florida divorces, and it can significantly affect each party’s financial circumstances when there are substantial assets or liabilities that may be classified as either marital or nonmarital based on the cut-off date discussed above. If you have any questions or concerns, it is essential to seek advice as soon as possible from an experienced Tampa divorce lawyer at The Law Office of Laura A. Olson, P.A. Contact our firm today to discuss the details of your case and to learn more about how we can assist you with your divorce.

Source: 

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html